Samvriddhi Inclusive Growth Network gets RBI in-principle nod to operate as an Online Payment Aggregator
Samvriddhi Inclusive Growth Network (SIGN) has received in-principle approval from the RBI to operate as an online payment aggregator. The company intends to focus on providing digital payment solutions to small businesses in rural and underserved markets.
Why it matters
Expands financial inclusion efforts by bringing digital payment infrastructure to semi-urban and rural Indian merchants.
Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), a Corporate Business Correspondent focused on last-mile financial inclusion, said it has received in-principle authorization from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA-Online).
Subject to final authorization from the RBI, SIGN will build and offer online payment aggregation services for merchants, it said.
The company plans to focus on small businesses and merchants, including those operating in rural, semi-urban, and underserved markets.
It plans to offer merchants comprehensive online payment solutions, including payment gateway services for accepting payments through UPI, QR-based payments, credit and debit cards, and net banking, along with digital collections, payment links, and other online payment-management capabilities.
The PA-Online business will operate as a dedicated digital offering, separate from the company’s existing CSP-led assisted banking and financial inclusion activities.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in